Travel and Tourism - Venezuela - November 2016
“Venezuela is entrenched in a deep political and economic crisis. Its economy has failed and confidence in its government is at an all-time low. Unemployment and inflation are soaring, and shortages of essential commodities and services including food, power and medicine are commonplace. These problems have been compounded by the collapse in the country’s social order. From a tourist perspective, the situation is deeply worrying and inbound visitors are becoming increasingly scarce.”
- Jessica Kelly, Senior Tourism Analyst
Tourism industries around the world retracted in the aftermath of the well-documented 2007/08 global economic downturn, and South America was no exception. International arrivals to the region recorded zero growth in 2009, and fell by 2.2% in 2010, according to the United Nations World Tourism Organization (UNWTO). This situation was quickly reversed and, despite these difficult years, the number of foreign tourists visiting the region increased by an average of 5.3% per annum in the decade 2005-15. Factors fuelling this expansion include the heightened demand for commodities from emerging markets like China and a boom in inter-regional travel.
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